I have two mutual funds that reported foreign taxes paid in 2024 and carryover of foreign taxes paid 2023

[young901]

How should I deal with that situation?

[ThomasM125]

The foreign taxes will be listed on the 1099 form that reports the interest, dividend and/or capital gain income from the fund for the year. Your first step is to enter the 1099 forms. If the foreign taxes are less than $600 (filing jointly) or $300 (filing single) then you don't need to do anything besides enter your Form 1099 in TurboTax, as the tax credit will be automatic. Otherwise, you need to make entries in the Foreign taxes  section to see if you qualify for a foreign tax credit or deduction.

If the taxes are over that amount you need to go to the Estimates and Other Taxes paid section in the Deductions and Credits area of TurboTax, then choose Foreign Taxes to assign your foreign income to a country and enter the tax paid.